Dhanuka Agritech Ltd

About

Dhanuka Agritech is manufactures a wide range of agro-chemicals like herbicides, insecticides, fungicides, plant growth regulators in various forms liquid, dust, powder and granules.(Source : 202003 Annual Report Page No:93)

Key Points

PAN India presence and strong distribution network
3 manufacturing units with 40 warehouses and network of over 14 branch offices across the Indian geography caters to 7200 Distributors & around 75, 000 Dealers. Dhanuka’s workforce with more than 1000 techno–commercial staff, supported by a strong R&D division and a robust distribution network helps Dhanuka to reach out to approximately 10 million Indian farmers with its products and services. [1]

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  • Market Cap 3,857 Cr.
  • Current Price 828
  • High / Low 1,054 / 658
  • Stock P/E 18.6
  • Book Value 171
  • Dividend Yield 0.24 %
  • ROCE 37.4 %
  • ROE 27.6 %
  • Face Value 2.00

Pros

  • Company is almost debt free.

Cons

  • Promoter holding has decreased over last quarter: -5.00%
  • The company has delivered a poor sales growth of 10.86% over past five years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
383 217 193 219 402 271 228 374 442 296 276 364
308 195 160 199 329 237 182 309 353 245 211 303
Operating Profit 76 21 33 20 73 34 46 65 89 50 65 61
OPM % 20% 10% 17% 9% 18% 13% 20% 17% 20% 17% 23% 17%
Other Income 2 4 6 4 5 8 9 7 8 9 9 8
Interest 0 0 0 0 1 0 0 0 0 1 1 1
Depreciation 3 3 3 3 6 4 4 3 3 4 5 4
Profit before tax 75 22 36 21 72 38 50 69 94 54 68 64
Tax % 26% 34% 26% 29% 16% 26% 22% 25% 25% 26% 28% 24%
Net Profit 55 15 27 15 60 28 39 52 70 40 49 49
EPS in Rs 11.21 2.97 5.62 3.09 12.61 5.82 8.20 10.89 14.73 8.60 10.44 10.43

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
491 529 582 738 785 829 883 963 1,006 1,120 1,387 1,377
415 450 500 618 653 689 713 796 860 947 1,118 1,112
Operating Profit 76 80 82 121 132 140 170 166 146 174 269 265
OPM % 15% 15% 14% 16% 17% 17% 19% 17% 15% 15% 19% 19%
Other Income 3 1 7 5 6 13 18 16 21 25 34 34
Interest 6 5 4 4 3 1 1 1 1 2 3 3
Depreciation 5 5 5 5 6 6 15 14 12 16 15 16
Profit before tax 67 70 81 116 129 145 172 167 154 181 285 280
Tax % 24% 18% 20% 20% 18% 26% 29% 24% 27% 22% 26%
Net Profit 51 57 64 93 106 107 122 126 113 141 211 207
EPS in Rs 10.22 11.42 12.88 18.62 21.21 21.45 24.83 25.71 23.66 29.71 45.21 44.20
Dividend Payout % 20% 19% 22% 21% 6% 30% 2% 21% 3% 40% 4%
Compounded Sales Growth
10 Years:11%
5 Years:11%
3 Years:13%
TTM:8%
Compounded Profit Growth
10 Years:15%
5 Years:15%
3 Years:18%
TTM:16%
Stock Price CAGR
10 Years:23%
5 Years:4%
3 Years:27%
1 Year:11%
Return on Equity
10 Years:24%
5 Years:22%
3 Years:22%
Last Year:28%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
10 10 10 10 3 10 10 10 10 10 9
Reserves 160 205 253 322 402 470 512 624 633 698 787
Borrowings 72 46 34 39 16 8 8 5 22 8 8
115 135 124 145 173 169 185 185 171 217 326
Total Liabilities 358 396 420 517 594 657 715 823 835 932 1,131
38 39 63 67 70 133 138 131 117 117 167
CWIP 1 0 1 22 38 0 0 0 1 4 8
Investments -0 15 8 1 47 92 66 182 120 159 278
319 341 348 427 438 431 510 510 597 652 679
Total Assets 358 396 420 517 594 657 715 823 835 932 1,131

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-14 59 47 33 110 140 63 138 13 162 231
-4 -20 -18 -19 -70 -66 20 -111 63 -44 -127
21 -35 -31 -17 -38 -76 -81 -20 -87 -93 -129
Net Cash Flow 3 4 -3 -3 2 -2 3 7 -10 25 -25

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 102 104 94 84 90 82 76 79 79 79 64
Inventory Days 159 148 153 168 161 125 222 147 137 141 137
Days Payable 58 58 43 38 52 46 48 60 51 64 50
Cash Conversion Cycle 203 194 204 214 199 160 250 166 165 156 151
Working Capital Days 140 134 136 137 120 116 141 124 153 127 106
ROCE % 30% 30% 36% 33% 31% 34% 29% 23% 26% 37%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
75.00 75.00 75.26 75.00 75.00 75.00 75.00 75.00 75.00 75.18 75.00 70.00
10.84 10.65 10.89 12.00 12.25 12.07 12.67 13.14 12.01 11.98 13.20 14.27
14.16 14.35 13.85 13.01 12.75 12.93 12.33 11.86 12.99 12.84 11.80 15.73

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